News Formal

Banking group asks SEC to stop short-seller attacks on the industry

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 16 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 51%

Business News News

Banks ask SEC to stop short-seller attacks on their stocks driven by social-media speculation

"Since the two bank failures in March, some of our members have experienced significant short sales of their publicly traded equity securities that do not appear to reflect the issuers' financial status or general industry conditions," ABA's CEO Rob Nichols wrote.

betting against PacWest, Western Alliance and First Horizon, according to ORTEX data reported by Reuters. Each of the banks' shares fell around 40% on the day. "ABA is, however, unalterably opposed to short selling practices that distort the markets through manipulation and abuse," he said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wachtell Lipton asks SEC to crack down on short selling of bank stocksA new sign of panic in the US banking industry: Law firm Wachtell Lipton calls on SEC to crack down on short selling of bank stocks.
Source: BusinessInsider - 🏆 729. / 51 Read more »